PPI Reclaiming Discussion part 4

amersall

mystfied_tigger wrote: »

Hi I wanted to tell you some good news :j- I have just had a reply from Capital Finance to my letter rejecting their offer of just over £4,200 offering me £9,000! :j:j

They have said -

We are making our offer entirely independently of whatever you decided to do with your PPI. With our offer you can still look at cancelling your PPI, in which case Firstplus will apply your PPI rebate directly to your loan and you have the option whether or not to pay this amount into your loan. Alternatively you could continue with the PPI cover for another 15 months and when the insurance finishes apply for the full premium rebate directly from Firstplus, subject to their terms and conditions. This will not affect our offer.

Obviously I am very happy with the increased offer but am unclear how I stand as far as the insurance is concerned and the loan with Firstplus and would welcome some advice please.

Can I now contact Firstplus to ask them to cancel the insurance and get a refund of the premiums and interest and therefore have a reduced loan (and payment) from then until the end of the loan period (are they likely to do this?)? And that would be in addition to the offer from Capital?

If I have the option of continuing to pay the PPI and get the premium rebate, although that is supposed to mean that I get a large lump sum at that point, I will still be paying interest on the PPI throughout the whole loan term which is what makes it so expensive isn't it?

Any advice you can give would be really appreciated!

Thank you!

hi there and well done.(how much was your original ppi total?) as i see it, if you cancel the ppi with fp they calculate a rebate which is extortion in its self!!!! you will still pay remainder with interest for the term of the loan,(personally i think that is the best option) the same goes for leaving it for the 15mths, you will pay more that way as you have to pay over the term of the loan unless you have the 5 year pay out going back to your loan, this is a decision only you can make, how much would your monthly payments for ppi be for 15 months? you would have to phone fp and get some figures for the cancellation, this will give you an idea what your rebate will be and your new monthly payment, marshalka is very good with this sort of thing. when she comes on i am sure she may be able to give you another opinion. best of luck with this and keep us posted

Gareth19

Hey guys. Just had a letter from HFC Bank saying whilst they do not accept they mis-sold me my PPI as a gesture of goodwill they are refunding me £1,671.49 which is the total premiums I paid. Many thanks to everyone who advised me on here!

maxdp

Congratulations Gareth..

BonandDom

Hi everyone,

Hope someone can offer some advice.

We purchased our first home in 1994, with a mortgage from AN, at that time we were advised that we needed to take PPI out with the Abbey to ensure we recieved a mortgage offer.

We have moved several times, kept the mortgage with the Abbey and the PPI, the final time being in 2004 to where we live now. We did not question at any time if the PPI was still "needed" to ensure a succesful mortgage application.

We recently sent the 1st letter, and recieved several forms back asking for info we had put on our mortgage application. We completed this (with what we could remember:o) and returned it.

This morning we recieved a letter stating that they do not agree the policy was mis-sold for the following reasons:-

1. "During the telephone call for your mortgage applciation our representative would have asked you how you would pay for your mortgage if you fell ill or became unemployed"

2. The amount you were borrowing was below the maximum that we were prepared to lend you and was therefore considered "low risk". Therefore there is no evidence to suggest that taking out this policy would have enhanced your application.


So my question is how do we proceed? I suppose it was the original policy that we were missold and carried on with the assumption that the original comments stood.

i am assuming they do not have the transcript of the telephone call in 2004 as they have said our rep would have asked rather than did ask.

Thoughts please anyone?

di3004

Gareth19 wrote: »

Hey guys. Just had a letter from HFC Bank saying whilst they do not accept they mis-sold me my PPI as a gesture of goodwill they are refunding me £1,671.49 which is the total premiums I paid. Many thanks to everyone who advised me on here!

Hi Gareth

Great news :T:T
Well done and Congratulations :beer:

di3004

BonandDom wrote: »

Hi everyone,

Hope someone can offer some advice.

We purchased our first home in 1994, with a mortgage from AN, at that time we were advised that we needed to take PPI out with the Abbey to ensure we recieved a mortgage offer.

We have moved several times, kept the mortgage with the Abbey and the PPI, the final time being in 2004 to where we live now. We did not question at any time if the PPI was still "needed" to ensure a succesful mortgage application.

We recently sent the 1st letter, and recieved several forms back asking for info we had put on our mortgage application. We completed this (with what we could remember:o) and returned it.

This morning we recieved a letter stating that they do not agree the policy was mis-sold for the following reasons:-

1. "During the telephone call for your mortgage applciation our representative would have asked you how you would pay for your mortgage if you fell ill or became unemployed"

2. The amount you were borrowing was below the maximum that we were prepared to lend you and was therefore considered "low risk". Therefore there is no evidence to suggest that taking out this policy would have enhanced your application.


So my question is how do we proceed? I suppose it was the original policy that we were missold and carried on with the assumption that the original comments stood.

i am assuming they do not have the transcript of the telephone call in 2004 as they have said our rep would have asked rather than did ask.

Thoughts please anyone?

Hi there

Think this one will be for Dunstonh, who I'm sure will be able to help and advise on this one, you can if you want to start a new thread for this as well if you like, good luck with this and hopefully Dunstonh will be along sometime today.:);)

mystfied_tigger

Hi Amersall - thanks for the response. The PPI figure added to the loan was £17,000 so the offer from Capital is around half of that. I think I would have to pay a further £2,250 to continue the PPI payments but I have no idea at all how much of a lump sum I would be entitled to. I'm also unsure how much the 'rebate' would be if I were to cancel it. As you say I will need to contact Firstplus to get some figures from them to make a decision but if anyone here can give me any further advice or guidance I would be really grateful, you mention marshalka who has previously given me some advice and hopefully will do so again .
I am unsure if Firstplus will try to pull the wool over my eyes or not!

amersall

mystfied_tigger wrote: »

Hi Amersall - thanks for the response. The PPI figure added to the loan was £17,000 so the offer from Capital is around half of that. I think I would have to pay a further £2,250 to continue the PPI payments but I have no idea at all how much of a lump sum I would be entitled to. I'm also unsure how much the 'rebate' would be if I were to cancel it. As you say I will need to contact Firstplus to get some figures from them to make a decision but if anyone here can give me any further advice or guidance I would be really grateful, you mention marshalka who has previously given me some advice and hopefully will do so again .
I am unsure if Firstplus will try to pull the wool over my eyes or not!

hi there mt, the 5 year payout would be the original ppi amount, if you pay this back to your loan you will reduce the balance of your loan by that amount, you will still be paying the interest and ppi for the remainder of the loan, and you will need to get a cancellation figure now to see what you will have taken off your loan, your monthly payment will reduce and you wont be paying an extra 15 mths of full ppi, does this make sense? no one can tell you what to do but you have to decide the best thing for you in the long term, when marshalka comes on you will get more help with this.oh and by the way first plus are defo not to be trusted, period!! take a look at this website firstpluscomplaints.co.uk this site is just for people with a fp loan, a great guy has set this up, take a look and you will have your eyes well and truly opened. they may also be able to give advice to you for your situation. good luck

sgx.saint

maxdp wrote: »

No they have to follow guidelines on "treating customers fairly" so please do not worry I have claimed back on about 6 cards for family and friends and their accounts were not closed. Good luck and go for it. Let me know how you get on.

Hi MaxDP,

Thank you for this, I shall pursue the claim.

marshallka

mystfied_tigger wrote: »

Hi Amersall - thanks for the response. The PPI figure added to the loan was £17,000 so the offer from Capital is around half of that. I think I would have to pay a further £2,250 to continue the PPI payments but I have no idea at all how much of a lump sum I would be entitled to. I'm also unsure how much the 'rebate' would be if I were to cancel it. As you say I will need to contact Firstplus to get some figures from them to make a decision but if anyone here can give me any further advice or guidance I would be really grateful, you mention marshalka who has previously given me some advice and hopefully will do so again .
I am unsure if Firstplus will try to pull the wool over my eyes or not!

Hi as amersall says, if you have only been told you are having a rebate against the PPI you are not actually being redressed for a missale as such and you will still be charged a fair wack and would be surprised at just how much of a difference it is.
If you can post the figures from the agreement I can work out what you have paid against the PPI to date and also what the whole PPI would have been over the term of the loan. I take it this loan is ongoing??